Apple's Biggest Rival In China Sold Out Its New Phone In Just 3 Minutes

Xiaomi CEO and founder Lei Jun is often regarded as a "Steve Jobs-esque" figure.
ChinaFotoPress/Getty Images
The launch of the rising Chinese technology giant Xiaomi's latest cellphone has been a resounding success, Android Central reports, with the Mi Note selling out just three minutes after it went on sale on Tuesday morning.

We don't know how many devices were sold, but Xiaomi has received more than 220 million reservations for the mobile device (though these won't all translate into sales). The company is aiming to sell 100 million devices in 2015 — a substantial jump from the 61.1 million sold in 2014.

The Mi Note also boasts impressive specs, packing more RAM, a bigger battery and a more powerful camera into the Mi Note than is in the iPhone 6 — at a significantly cheaper cost. The Mi Note starts at $370, while the iPhone is $749 for the lowest-spec option. Early reviews of the Mi Note are also highly positive.

It is, however, worth noting that Xiaomi has been accused of "scarcity marketing" before. Its critics have said the company deliberately sells limited amounts to frenzy demand. CEO Lei Jun has responded that "the reality [is] the supply of Xiaomi phones doesn't meet the demand."

"High-end smartphones are like seafood," he said. "Not every factory can handle them, and you don't dare store them up without selling them."